SEC Probes Take-Two Over Options Grants

Law360, New York (April 5, 2007, 12:00 AM EDT) -- Marking the latest blow to Take-Two Interactive Software Inc., the troubled software publisher said it is under formal investigation by the U.S. Securities and Exchange Commission over its accounting for stock options grants.

The probe, which was revealed in an SEC filing made by Take-Two late Wednesday, allows the SEC to subpoena witnesses in connection with the stock options practices of the company and its directors, officers, and employees, the filing said.

Take-Two also unveiled in the filing a massive overhaul of its board of directors...
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